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Why Saving Money Matters—and How to Get Started

Saving money is a foundational part of financial well-being, yet many people find it challenging to do consistently. Whether you’re just getting started or looking to strengthen your savings habits, understanding why saving matters is an important first step. This article explains the importance of saving money and shares simple, practical strategies you can use to begin saving with confidence.

Why Is Saving Money So Important?

Unless you win the lottery or inherit a fortune, saving money is essential at every stage of life. No matter where you are on your financial journey, having money set aside can provide stability, flexibility, and peace of mind. Saving allows you to prepare for both the expected and the unexpected, including:

  •  Emergency expenses: An emergency fund can help cover unexpected costs—such as a vehicle repair or medical bill—without relying on credit or high-interest loans.
  •  Major purchases: Saving for a down payment on a home can help you qualify for better loan terms and avoid higher interest rates or mortgage insurance premiums.
  •  Retirement: Setting money aside for retirement can help support long-term financial security and give you greater freedom and comfort later in life.

 

Why Is Saving Money So Difficult?

For many people, saving money can feel challenging—especially after covering everyday necessities like housing, food, and transportation. Once those expenses are paid, there may be little left over, making it difficult to set money aside, even in small amounts. As a result, larger savings goals can feel out of reach.

The key to overcoming this challenge is putting time on your side. Starting early—even with small contributions—allows your savings to grow gradually over time. Building consistent money-saving habits and combining small efforts can add up, making a meaningful difference and helping you reach your goals sooner than you might expect.

Easy-to-Implement Strategies to Start Saving Money Today

  •  Keep your savings out of sight. Many mobile banking apps allow you to hide savings accounts from your main view. When savings are less visible, you may be less tempted to spend the money.
  •  Automate your savings. Set up automatic transfers from your checking account to your savings account. The amount doesn’t need to be large—what matters most is making saving automatic and consistent.
  •  Review recurring expenses. Take a closer look at automatic charges on your credit cards and withdrawals from your checking account. Ask yourself whether each expense is necessary, whether you’re using the service, or if a lower-cost option is available.
  •  Look for simple lifestyle swaps. Small changes can add up over time. Consider choosing generic brands instead of name brands, spacing out discretionary services like hair appointments, or repurposing household items rather than buying new ones.

Make Saving Money Easier with Money Management 

Building better savings habits starts with understanding your money. Money Management, our no-cost tool available through online and mobile app banking, helps you visualize and interact with your finances all in one place. With Money Management, you can see all your accounts together, track spending, set and manage budgets, and visualize your financial goals—giving you clearer insights into when, where, and how you spend.

To get started, simply log in to online banking and look for Money Management. In our mobile app, you’ll find Money Management under More.

As you begin—or continue—your savings journey, remember that setbacks are a normal part of the process. Life happens, and there may be times when you need to use your savings. What matters most is not being perfect, but staying consistent. Saving regularly over time, even in small amounts, can make a meaningful difference.